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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Subscribe to this list via RSS Blog posts tagged in FOS FAILURE
FOS to deliver on first stage of resolution changes 27 May, 2014 Jason Spits 0 comments Share on emailShare on printShare on linkedin       Latest News Metlife names new CEO IFS resolves compliance breaches ASIC grants super advice relief Suncorp announces $350m Life write-down Government extends SuperStream timetable The Financial Ombudsman Service (FOS) has claimed it would deliver on the first stage of changes to streamline and accelerate its dispute resolution process by June of this year with rolling improvements to be implemented until July 2015.  Earlier this year FOS announced a series of changes, including the use of specialist expertise and reduced touch points and stages in the dispute resolution process, after an independent review found the resolution model required an overhaul.  In its most recent quarterly newsletter FOS stated it would implement changes applicable to credit, deposit taking and payment system disputes and will assess the results to manage dispute...
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FOS complains members aren’t paying their determinations:  One Third of determinations not met by the Banks. 9 April, 2014 Jason Spits 0 comments  The Financial Ombudsman Services (FOS) has stated that the failure of some FOS members to pay determinations is “emerging as a structural issue in our investments jurisdiction” after more than $8.3 million is still to be paid to consumers.  FOS Chief Ombudsman Shane Tregellis said the figure related to 18 financial services providers who have not complied with determinations made against them by FOS during the period from 1 January 2010 to 1 January 2014.  Tregellis said while the failure to pay determinations involved a small minority of the 4900 FOS members, the $8.3 million represented a third of all determinations made in FOS’ investments jurisdiction.  The $8.3 million is owed to 99 applicants to FOS, with all the unpaid determinations - except one - involving financial advisers. FOS is required...
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  • doyla66
    doyla66 says #
    I know for a fact that the Nab are not honouring the FOS determinations. No me, but a member of our family that was caught up in
  • doyla66
    doyla66 says #
    Are FOS going to tell us which Lenders are doing this? Here's a story of a similar problem that happened last year - http://www.
  • Denise
    Denise says #
    FOS, ASIC and POLICE in each State KNOW the bank has multiple copies of the LAF for every single loan and - NONE ARE THE SAME!!!
  • doyla66
    doyla66 says #
    Good to know that about the FOS determinations not being honoured by Lenders. In other words, after everything is done, the poor
  • Denise
    Denise says #
    Demand that FOS insist on Banks handing over your client loan files. The "commercially sensitive" crap does not wash. The one pag
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One of our members has already picked up this gem from from KIRK - ASIC on the stand for the Senate Hearings into ASIC.   Transformation- Posted on Friday, April 11, 2014   Did anyone pick this up during the Inquiry: KIRK: "One of the things we (ASIC) did towards the end of last year was to make sure that they made it unambiguously clear to the remaining people with contested claims that not only could they go to FOS to have it resolved but CFP would waive any jurisdictional limits in that process. Some of those problems are under limited jurisdiction or they are disputes about whether there had been a previous agreement and there was already a binding deed of release and such. We got them to clarify for all of those customers that they were willing to waive those things." Does this mean that FOS waived the jurisdiction...
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  • doyla66
    doyla66 says #
    Here is another gem re FOS compensation limits waived page 17 Mr Berrill: The targeting was so systematic and so measured—but act
  • doyla66
    doyla66 says #
    Senator John Williams has a Facebook page, please leave him a comment on how you feel about ASIC and their waffle at the hearing,
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Dear Vic,  This system of fraud by FOS and COSL will be exposed I can assure you. The Financial Ombudsman's decisions and that of COSL favour the banks.    We have been collectively road testing their decisions.  For 12 months FOS has been systematically bi-passing the recommendation stage and there is no longer a panel of review.  The investigators are seconded by the banks (as in the IFSA scandal."   There are two arrogant ex banker men making decisions and saying:- "My decision is binding, take it or leave it, yes it favours the banks, but you now have the chance to go to court with no money.  Yes there is Maladministration in Lending, no we will not name the banks because most complaints involve the Major Banks who pay us (FOS) $5000 per complaint.  ASIC condone what we are doing, the banks will grab your home when we close our...
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  • doyla66
    doyla66 says #
    Yep we have just been betrayed by COSL. We have lost our home, life savings and retirement nest egg and COSL doesn't find any faul
  • doyla66
    doyla66 says #
    OMG i cant wait for that day. My 3 cases completey by pased all stages of the FOS dispute process & went straight into determinat
  • doyla66
    doyla66 says #
    The bias does not only come into play with the banks and lenders, the same applies when the matter involves insurance companies.
  • doyla66
    doyla66 says #
    Our case is at determination, the report will be going to the senators also.
  • doyla66
    doyla66 says #
    Along with ASIC, the FOS and COSL are going to be exposed for what they are and will be their own worse enemy with their biased de
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In 2009 I spoke with FOS again and they told me they were starting to use Maladministration in Lending to deal with issues I had raised.  We told Members to state “Maladministration in Lending on all complaints where the loan was unaffordable from day one, in line with S 25.1 of the Bankers Code.”  This was pre the new NCCP  laws......why?  We had the old laws to protect consumers from predatory lending and bad lending practices such as forgery and fraud on Loan Application Forms, and Unconcionable Conduct 2001 and Maladministration in lending, and asset lending etc....................................plenty of LAWS for ASIC to play with and for FOS to use: an arsenal of weaponry against the banks and their dodgy lending products. Banks had breached the Code at all levels of approval of loans.  Most of these loans ought to have been rejected...............................hence the complaints.  Most 30 year loans would by necessity  of structure implode within 3-5 years.  But these products made...
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  • doyla66
    doyla66 says #
    Yes Duped. They doubtless want everybody with an existing mortgage to re-finance so they can recyle the loan when implosion date
  • doyla66
    doyla66 says #
    As per the banksters guide into how to rip the borrower off organza. I'm sure that the banks want you to get refinanced because in
  • doyla66
    doyla66 says #
    What FOS told you Never Give Up is exactly what my bank manager told me when I went in to tell him I was intending to sell (before
  • doyla66
    doyla66 says #
    So if that's the case why are FOS pushing me to sell and take the bank 'offer' and haven't bothered asking me if I can afford a lo
  • doyla66
    doyla66 says #
    Time to start calling ASIC the good ship Titanic I think this is just the tip of the iceberg. Wonder what other rules they are no
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We need Bankers behind Bars.  As expected, the Banksters and ASIC Mates of Tregillis have finally and completely captured the Financial Ombudsman's Service............................COSL was captured by non bank lenders from the very beginning. STAFF at FOS are in danger of concealing major criminal conduct in the Banking Sector:  Staff could be charged as being an accessory after the fact. Everyday, FOS staffers see files littered with the crime of fraud and forgery by Bank Staff and are not reporting instances to Police.  Yes there is a Construction Cartel but there is also a Banker Cartel and has been since de-regulation of banks.  Money breeds corruption.  Big Money creates an even bigger Cartel. FOS is consistently buckling under pressure from Banks and ASIC Mates.  COSL was always under the non lender's thumb but, for two years FOS seemed to lift its game regarding investigations into Bank Fraud and Maladministration in Lending, meaning imprudent banking decisions, exaggerated...
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  • doyla66
    doyla66 says #
    Banksters & FOS & COSL in Damage Control. Banksters pay from $5,000 up to $18,000 for a Determination, now compulsory with acco
  • doyla66
    doyla66 says #
    Mr. Tregillis and Mr ( use my discretion ) Fields should remember the old adage Power corrupts and Absolute power corrupts absolu
  • doyla66
    doyla66 says #
    Denise, Once again you are on the money - the appalling use of self invented discretion is the method FOS uses to circumvent its
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